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China distancing itself from the ever-decreasing dollar
WHEN US treasury secretary Timothy Geithner told guests during a talk last month at Beijing University that China's holdings of US Treasury bonds were safe, it drew rueful laughter from his audience. For decades, many Chinese converted their yuan into dollars on the black market, reckoning that the US currency was the best way to preserve their savings. Dollars are still affectionately called mei jin in Chinese, meaning American gold, but to some the currency is fast becoming a toxic asset. As the dollar depreciates, China is casting about for other ways to invest its surplus cash – and oil seems like a good alternative. Other commodities, such as copper, wheat and soybean, have also seen a price surge. This spring, consignments of each have been piling up on Chinese docks. The country has also boosted its holdings in gold, the ultimate safe ...Click here to continue reading China distancing itself from the ever-decreasing dollar
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